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Debt is a stressor for anyone. Managing it when you’re on your own is challenging, but having a dual-income household doesn’t necessarily make it easier to pay off or deal with. It all comes down to how you and your partner handle debt together.
Discover simple ways to handle debt as a couple to get the financial freedom you deserve.
Managing debt is much easier when you understand the full picture. Sit down with your partner once a month or every two weeks to check your debts. You should review the outstanding balance and upcoming monthly payments for things like:
You might not have thought about how you’d become a partner in debt one day, but teaming up makes debt easier to manage. You and your partner could be among the millennials with an average of $6,521 in credit card debt gathered over the years. That balance won’t seem as daunting if you team up.
The first step in gaining more financial control over your life is understanding what you need to pay each month and when those payments are due.
Even the most minor spending habits make a difference when you’re trying to handle debt as a couple. Talk with your partner about their most minor purchases, like always getting a soda when they stop to refill their gas tank.
Instead of cold-quitting those habits, find better ways to replace them. Maybe you often make late-night purchases online. Instead of deciding to never spend money on any fun thing again, save those digital items for later and review them in the morning. You’ll likely make a smarter decision once you’re wide awake. Remember, any money saved is another dollar that could go toward paying your debt.
Sometimes, talking honestly about financial stressors is the most challenging part of learning how to handle debt as a couple. It’s easy for one person to feel attacked or ashamed. Discuss how you and your partner will put your emotions aside when you budget. It should be a safe time to talk about things like if you’re contributing equally to your monthly debt payments.
If you feel nervous about asking your partner to help more with your shared financial life, think about the big picture. As partners with dual incomes, it’s reasonable to ask for support — especially if you both agreed to take on certain types of debt to create a life together.
You could also think of financial arrangements another way. Courts enforce spousal support when people separate. Judges often look at the differences in their income to determine how to make their finances more fair. If your partner currently makes more than you, asking them to contribute an equal share to your combined day-to-day finances is not unreasonable.
Research financial advisors in your hometown. They often schedule complementary meetings to help people create better budgets for long-term financial goals. You could spend an hour talking with an expert about your debt to get advice.
A financial advisor will review the exact numbers for your debts, spending habits, expenses, saving accounts and total monthly income. Afterward, they’ll suggest budgetary changes you might not have thought about before. You may start paying off your debt more effectively or save money in specific areas of your life to make more substantial debt payments.
Finances are stressful. No matter how much debt you and your partner share, focusing on paying off debt can make you anxious. You might feel like you can’t spend money on anything exciting or don’t have any budgetary wiggle room. When your stress starts building, talk with your partner about prioritizing your mental health.
See which aspects of your routine you can adjust to create a more stress-free life outside of your budgeting sessions. Poor sleep routines exacerbate anxiety symptoms, so try creating better sleep habits together. You might turn the thermostat down one degree at night or start a rule about not using electronics 30 minutes before bed.
No matter which mental health strategies you try, they should make you feel more at ease during your everyday life. You won’t feel the stress of long-term debt management as much if you and your partner support each other’s mental well-being through helpful conversations and lifestyle changes.
Everyone occasionally forgets financial due dates. Life gets busy, and then you realize you haven’t paid your credit card bill on time. That means you’ll have a slightly bigger interest payment next month, which sets your financial goals back.
See which of your lenders offer automatic withdrawals. You’ll never miss a bill if you don’t have to manually pay everything each month. You and your partner in debt could also set up reminders to send each other your halves of each debt payment before those deadlines to automate your financial habits even more.
Trying a new perspective on some things could help you carve out a few more dollars for your debt payments. Look into different life hacks to see how you can save money. Every penny saved when you’re trying to pay off debt will make you feel like you have more financial freedom.
Instead of spending money on costly over-the-counter medications when you get headaches, try diffusing lavender oil. Its natural properties help ease headaches, so you might get the same relief for a fraction of the cost. You could also avoid grocery shopping while hungry or shopping at yard sales instead of online stores. The best changes will directly target the most common ways you spend money.
Some types of debt are eligible for refinancing. If you have student loans, a mortgage or a car loan, talk with those lenders about refinancing for a lower interest rate. They might agree if you meet their eligibility criteria and if the market currently has lower interest rates than when you took on your initial debt. Even a one-percent difference could knock off a good chunk of your monthly payments, which would create substantial stress relief in the long run.
Communicating about how you want to handle debt better is the best way to manage your finances with your partner. If you’re able to have casual, honest conversations, you can try new strategies to pay off your debt faster. No matter what works for you, you’ll feel better knowing you both did what was best for your financial and mental well-being.
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